The following is a summary of the Zynex, Inc. (ZYXI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Zynex reported a 10% increase in Q1 2024 revenue year-over-year, despite slight disruptions caused by a cyber event.
An estimated revenue of $1 million, delayed due to the cyber event, is expected to be recognized throughout 2024.
The company reconfirmed its 2024 guidance of at least $227 million.
Positive cash flow from operations in Q1 2024 was $2.1 million.
Business Progress:
The company's sales team is consistently expanding, supporting the growth in earnings and revenue.
FDA clearance has been received for the M-Wave Neuromuscular Electrical Stimulation device which has begun shipping to patients.
Significant advancements have been seen in the monitoring division, specifically in the blood and fluid monitor technologies.
FDA clearance was achieved for the second generation blood and fluid monitor in the previous year.
Several products are in the pipeline, including a laser-based pulse oximeter, a sepsis detection monitor, and a total hemoglobin level monitor.
Additional regulatory milestones are expected in 2024.
Zynex is transitioning new prescriptions from the older E-Wave model to their M-Wave product.
NexWave products now comprise around 27%-28% of orders.
In 2025, the company plans to commercialize the NICO product.
Zynex is considering the option of going private.
Approximately $15 million remains from a previously announced $20 million share buyback plan.
More details: Zynex IR
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